NEW YORK (TheStreet) -- Canadian Solar (CSIQ - Get Report) stock is gaining 15.52% to $17.86 on heavy trading volume on Wednesday morning after the company's 2016 first quarter financial results topped estimates.

Before today's opening bell, the Canadian solar power company reported earnings of 39 cents per share on revenue of $721.42 million for the three months ended March 31.

Analysts had estimated earnings of 14 cents per share on revenue of $663.74 million for the latest quarter.

"Our results for the first quarter came in above guidance, driven by robust demand in our solar module business," CEO Shawn Qu said in a statement.

Solar module shipments totaled 1,172 megawatts for the quarter, exceeding guidance of 1,085 megawatts to 1,135 megawatts.

The company raise its full year revenue guidance to $3 billion to $3.2 billion from the previous outlook of $2.9 billion to $3.1 billion because of expected asset sales in the second half of the year.

So far today, 5.51 million shares of Canadian Solar have exchanged hands, more than double its average daily volume of 2.78 million shares. 

Separately, Canadian Solar has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's robust revenue growth and attractive valuation levels, which is offset by feeble earnings per share growth, deteriorating net income and generally higher debt management risk.

You can view the full analysis from the report here: CSIQ

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.